Marco Polo Marine plans to deploy the proceeds to fund its business expansion, especially in the offshore wind energy space.
"This successful fund-raising exercise provides us with the capital to pursue our pipeline of value accretive projects and further solidifies our position as a key player in the region's energy transition," says CEO Sean Lee.
"We are confident this will enable us to deliver sustainable, long-term value to all our shareholders."
"The strong investor response is a clear reflection of the market's confidence in the Company's strategy and its well-positioned franchise in the offshore marine sector," says Aditya Laroia, CEO of Maybank Securities.
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"This placement is a testament to the quality of Marco Polo Marine's business and its growing relevance within Asia's energy transition story. We congratulate the management team on a well-executed fund-raising," he adds.
Marco Polo Marine shares closed at 17 cents on March 4, down 4.05% amid a wider market sell off.
